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| Wipro to buy Yardley’s overseas business |
| Bangalore, Nov 5, DHNS: |
Wipro Ltd announced that it has signed an agreement with UK-based Lornamead Group, to buy Yardley brand, for its business in Asia, the Middle East, Australasia and certain African markets.
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Consumer care arm of the IT giant will pay $45 million (Rs214 crore) for the acquisition. “This transaction adds a strong brand to our portfolio of personal care products. It fits into our strategy of increasing sales and brand presence in the Middle East,” Wipro President, Consumer Care and Lighting, Vineet Agrawal said. He added that the rationale behind the acquisition is to diversify into the premium category of personal care products.
The company plans to leverage Wipro’s brand presence in 5 lakh outlets in the country and its strong brand recall in Malaysia, Singapore and Australia. The transaction is expected to complete by mid-December 2009.
Best known for its traditional bath luxuries, including Yardley English Lavender, the brand is available at major department stores and chemists including Boots in Britain and Wal-Mart in the US.
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